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Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Profit-booking– Next target for Gold and Silver is Rs 60000 and Rs 70000. But prices are over bought, some correction expected.
Long-term View (3-4months) – Positive – – Gold has made Inverse Head and Shoulder pattern on daily charts. Neckline resistance is $1820. If prices sustain above it, target would be $2020.
SPOT PRICES
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Gold consolidates at extremely high levels
- International News: Gold price is looking for establishing the auction above $1930 as the risk-on profile has strengthened. US yields have scaled above 3.52% as the FED policymakers have not toned-down interest rate projections.
- Economic Outlook– The release of the US S&P PMI data will result in a power-pack action in the gold price. Weaker demand projections and the unavailability of cheap money from the Fed due to higher interest rates might impact the US Dollar as fears of recession will soar further. This could also impact the strength in bullion price.
